Freecharge partners with Axis Bank
Digital payments platform Freecharge has partnered with Axis Bank to launch Unified Payments Interface (UPI) enabled payment on its Android app. UPI will enable instant seamless transactions from a smartphone using a virtual payment address (VPA).
Consumers will be able to create a virtual address on the Freecharge Android app and link it to their bank account to register on the UPI platform. This feature will allow consumers to pay on Freecharge in a secure and swifter way for transactions in the first phase and over the next few weeks. Since this option is only available on the new version of Android app, users will have to upgrade to the latest version of the Android app to see this option while doing recharges/ bill/utility payments.
Customers can create multiple handles/ VPA linked to their bank accounts. When the customer makes the payment using his handle or Axis Bank’s VPA, he will be transferring money from his bank account to the merchant or beneficiary account without exposing the customer account details such as account number, IFSC code etc. The merchant or beneficiary will only be able to see the customer VPA in this process.
Consumers can register for UPI through Freecharge app. Freecharge will also be driving registrations through other channels such as e-mails, notifications and campaigns.
UPI enables low cost, high-volume payments and creates a new ecosystem where customers and merchants will come together for faster and simpler electronic payments. UPI eliminates the need for merchants to be PCI - DSS certified to store customers’ payment credentials as the Virtual Payment Address can be stored against the customers’ login.